PSA International posts revenues of $4.6 billion in 2021

Container Cargo freight ship with working crane bridge in shipyard in singapore

 Terminal operator PSA International Pte Ltd (PSA International) has posted its operational and financial results for 2021.

The company reported revenues of $4.6 billion for last year, an increase of 11.7 per cent over the $4.1 billion in 2020. This was primarily driven by higher container volumes and storage revenues.

Profit from the group’s operations came in at $1.8 billion, a 13.7 per cent growth on $16 billion in 2020.

This performance led to a net profit of $1.3 billion in 2021, an 18.2 per cent increase over the previous year.

© PSA International

In terms of container movements, PSA International handled a total of 91.5 million TEU in 2021, demonstrating an increase of 5.6 per cent from the previous year.

PSA Singapore contributed 37.2 million TEU, an increase of 1.6 per cent from 2020, while PSA terminals outside of Singapore delivered a total throughput of 54.3 million TEU, a year-on-year increase of 8.4 per cent.

“The PSA global team has shown its spirit and tenacity throughout a year of supply chain shocks and COVID-related starts and stops,” said Peter Voser, Group Chairman of PSA International.

“Together with our customers and partners, we have kept supply chains flowing to the best of our ability. This has enabled PSA to put in a record performance for the year, even while we continued our efforts to build positive climate change momentum through our supply chain sustainability initiatives and investments.

“As we navigate the dynamic forces of change in the new normal, we will continue to nurture our workforce and talent, sharpen our competitive edge and focus on creating long term value for our stakeholders.”

Tan Chong Meng, Group CEO of PSA International, added: “Amidst a backdrop of widespread supply chain disruptions and congestions in 2021, coupled with uneven recovery in global trade and demand, I am grateful to our Management, Staff and Unions who worked tirelessly as a team and in close partnership with all our stakeholders to keep supply chains safe and cargo moving across our network.

“As a global port operator and cargo solutions provider, PSA is well-positioned to accelerate the shift towards sustainable trade. We are building up our physical, technological, and digital capabilities so that we can provide more innovative cargo solutions and enable agile, resilient, and sustainable supply chains.

“In our drive to realise the Internet of Logistics vision, we will continue to collaborate with like-minded partners, customers, and suppliers. Alone, we each have the potential to achieve success. Together, we will have even wider opportunities to chart supply chain transformation for the greater good and amplify our collective positive impact for all our stakeholders.”

Some of the company’s operational highlights from the last year include it signing a Memorandum of Understanding (MoU) with the RHT Group of Companies (RHT) to explore co-creation and investment in ESG digital asset solutions to further advance decarbonisation goals throughout the global supply chain.

The group also joined the Coalition for the Energy of the Future, a multi-project initiative to accelerate the development of alternative fuels and technologies and cut emissions in the logistics chain.

In a statement, the terminal operator said it has joined at the same time as Bureau Veritas and Airbus and will look to sustain new green mobility models.

In March 2021, Mersin International Port Management (MIP), a subsidiary of PSA International, held a ceremony to mark the beginning of its East Med Hub (EMH) II expansion project.

The $375 million initiative aimed to increase the container handling capacity of the Port of Mersin in Turkey from 2.6 million TEU to 3.6 million TEU.

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